Overview
- Energy Secretary Chris Wright is set to meet executives from Chevron, ExxonMobil and ConocoPhillips this week to discuss potential roles in Venezuela.
- Interior Secretary Doug Burgum suggested easing sanctions to speed access to equipment and technology, arguing some output gains could come quickly.
- Major oil companies have been publicly cautious; Chevron, the only U.S. major still operating under a special license, says it is focused on safety and compliance.
- Experts highlight obstacles including dilapidated pipelines and upgraders, outstanding compensation disputes, and investment needs that could reach $80–$100 billion over years.
- Shares of U.S. oil majors, refiners and service firms rose on the news, though analysts say any benefits for Gulf Coast refineries and U.S. fuel prices are likely to be modest in the near term.